Sec. 4. (a) The insuring foster youth trust fund is established to carry out the purposes of this chapter.

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Terms Used In Indiana Code 31-26-4.5-4

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • fund: refers to the insuring foster youth trust fund established by section 4 of this chapter. See Indiana Code 31-26-4.5-3
     (b) The fund consists of the following:

(1) Appropriations made by the general assembly.

(2) Interest as provided in subsection (f).

(3) Fees collected from an insuring foster youth trust license plate, if one is issued under IC 9-18.5.

(4) Money received pursuant to subsection (c).

(5) Money donated to the fund, including donations from a nonprofit subsidiary corporation established under section 9 of this chapter.

(6) Money transferred to the fund from other funds.

     (c) The department may apply for all federal funds that are available for which the state is eligible to carry out the purposes of this chapter.

     (d) The department shall administer the fund.

     (e) The expenses of administering the fund and this chapter shall be paid from the fund. The fund’s administrative expenses may not exceed ten percent (10%) of the amounts deposited into the fund.

     (f) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public trust funds are invested. Interest that accrues from these investments shall be deposited in the fund.

     (g) Money in the fund is continuously appropriated for the purposes of the fund.

     (h) Money in the fund at the end of a state fiscal year does not revert to the state general fund.

As added by P.L.59-2022, SEC.2. Amended by P.L.97-2023, SEC.10.

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